Chidambaram Presents Union Budget 2013-2014

Finance Minister P.Chidambaram presented Union Budget for the year 2013-2014. Many wondered whether he takes tough measures to revive economy or will follow populist measures with an eye on 2014 elections. Following are the highlights of his Budget.

Following are highlights of the Budget:

FISCAL DEFICIT

* Fiscal deficit seen at 5.2 pct of GDP in 2012/13

* Fiscal deficit seen at 4.8 pct of GDP in 2013/14

* Faced with huge fiscal deficit, India had no choice but to rationalise expenditure

BORROWING

* Gross market borrowing seen at 6.29 trillion rupees in 2013/14

* Net market borrowing seen at 4.84 trillion rupees in 2013/14

* Short-term borrowing seen at 198.44 billion rupees in 2013/14

GROWTH

* India faces challenge of getting back to its potential growth rate of 8 pct